The second-largest cryptocurrency, Ethereum (ETH), has seen its price decline again. Following bullish momentum earlier last week, Ethereum has dropped 2.4% in the past 24 hours, trading at $3,577 at the time of writing.
This drop has caused Ethereum's price to fall 26.8% from its all-time high of $4,878 set in November 2021. Nevertheless, the network's daily trading volume remains quite strong, reaching $42.4 billion, showing significant growth compared to the end of last month when trading volumes fell below $35 billion.
The chart pattern suggests a potential rebound
Despite Ethereum's current price action being frustrating, analysts in the cryptocurrency community remain optimistic about its long-term potential.
Some technical indicators and chart patterns have emerged, leading some analysts to predict a substantial rise in the asset over the coming months.
Among the bullish analysts, a prominent voice is CryptoBullet, a well-known figure in the cryptocurrency space. In a recent article about X, this analyst highlighted the 'cup and handle' pattern on Ethereum's monthly price chart.
According to CryptoBullet, this pattern indicates that Ethereum could soar to new highs, potentially reaching $6,675. The analyst commented: 'Did you see the $ETH monthly chart? Bullish AF. This month, we will break through resistance. Cup and handle target - $6,675.'
Another notable analyst, Venture Founder, has also set more ambitious targets for Ethereum, further enhancing the optimism.
In a detailed analysis, this venture founder pointed out that Ethereum has been in a 'triangle consolidation phase' for the past three years, a pattern reminiscent of its performance from 2016 to 2017.
The analyst predicts that Ethereum may break out of this consolidation and enter a new price pattern, with a target price expected to reach $15,937 by May 2025. Venture Founder stated: 'The fundamentals: Ethereum may repeat this impulsive breakout that occurred between 2016 and 2017, setting new highs.'
#Ethereum and $ETH may enter a new paradigm after 3 years of triangular consolidation, solidifying the past 7 years.
The fundamentals: Ethereum may repeat the impulsive breakout that occurred between 2016 and 2017, setting new highs.
Target price: $15,937 by May 2025
The symmetrical triangle pattern sparks interest
Another respected analyst, Clifton Fx, has also made a similar point, focusing on the symmetrical triangle formation observed in Ethereum's weekly timeframe.
According to Clifton Fx, breaking this pattern could propel Ethereum's price to $13,000.
This aligns with the general consensus among analysts, who believe that Ethereum's technical indicators lay the groundwork for a significant price increase.
$ETH (Update)
Forming a symmetrical triangle in the weekly timeframe...
If an upward breakout occurs, the next stop will be 13k📈